FX.co ★ EURUSD hits new highs at 1.23

EURUSD remains in a bullish trend. Over the past month we explained in several posts that the pattern in EURUSD remained bullish as price was making higher highs and higher lows. Every pull back was shallow and never challenged or broke below key support levels.

Our first target of 1.2260 has been achieved and we are now underway for our second target area of 1.2350-1.24. Our analysis since early December so far remains valid. Price so far respected the channel boundaries. Eventually this up trend will end, however there is no sign yet of such a reversal. So bulls remain in control. Going against the trend is risky. Better bears be patient and wait for a reversal signal. Such a signal would be if price broke down of the bullish channel and below recent low at 1.2150.